If you're serious about creating wealth, you've probably already heard that investing is the best way to go. If you're diligent about it, you've probably been snatching up those great deals and IPOs the moment they become available. If you're like that, then it's safe to say you've already started to cultivate a money mindset. So what's next? You may want to consider revving up that money mindset.
According to manager of group financial partnership support & financial education at JMMB Group, Michelle Sinclair-Doyley, there are a few ways to keep the momentum going. She highlighted though that the very first step is focusing on opportunities and not so much on the doom and gloom of the current economic climate.
"If you're focused on gaining wealth then you will see opportunities for gaining wealth," said Sinclair-Doyley in an interview with the Jamaica Observer.
She continued, "While many persons may focus on the myriad of negatives of the COVID-19 pandemic, people like you want to focus on finding opportunities to create a fantastic foundation to achieve your financial dreams and goals."
With that said, she noted that your financial goals and objectives should always drive your decisions.
"As most of us will agree, driving at one speed gets boring and, slows you down in getting to your destination, so be prepared to 'change gears' over time to boost your momentum and get there faster, we suggest changing your financial gear each quarter," she advised.
In the same vein, she emphasised the importance of patient capital and the power of compounding.
With patient capital, the investor is willing to make a financial investment in a business with no expectation of turning a quick profit. Instead, the investor is willing to forgo an immediate return in anticipation of more substantial returns down the road.
With regards to the compounding effect, Sinclair-Doyley encouraged investor who start out small to remain disciplined and exercise a level of stick-to-itiveness. She noted that the power of compounding has been tried, tested and proven and is bound to catapult any investor towards their goals.
"You're going to reach a point in your life when you can invest $5,000 and then $10,000 and then $20,000 and then $100,000 and each time the compounding interest gets larger, because you have more money going in," she explained.
To this end, she advised investors interested in revving up their money mindset to consider reading books which encourages saving and investing. She disclosed that such a habit will help to keep the investor laser focus on the goal at hand.
At the same, she recommended that investors keep up with financially sound tips on how to create wealth sustainably and responsibly, stressing that creating wealth is an ongoing process and not a one-time endeavour.
"Transform your negative statement about money to positive statements, create positive affirmations about money that you will use as your mantra, in good and bad times and commit to saving/investing towards your goal," Sinclair-Doyley advised.